abby took out a car loan for $10,090 that has a 0% apr for the first 22 months and will be paid off with…

abby took out a car loan for $10,090 that has a 0% apr for the first 22 months and will be paid off with monthly payments over 5 years. for how many months will abby be charged interest?\n\na. 60 months\nb. 38 months\nc. 22 months\nd. 82 months

abby took out a car loan for $10,090 that has a 0% apr for the first 22 months and will be paid off with monthly payments over 5 years. for how many months will abby be charged interest?\n\na. 60 months\nb. 38 months\nc. 22 months\nd. 82 months

Answer

Explanation:

Step1: Convert 5 - year term to months

Since 1 year has 12 months, 5 years is $5\times12 = 60$ months.

Step2: Calculate interest - charged months

The first 22 months have 0% APR. So the number of months with interest is $60 - 22=38$ months.

Answer:

B. 38 months